EXUS Collections & Recovery Blog

Agent Incentives for better Customer Communication

Posted by Nikos Lambrou on Tue, Oct 10, 2017 @ 08:00 AM

Incentivizing your collectors is key towards better team management, motivation and performance increase. Daily motivation is critical, even after extensive training is offered to collections professionals. When they have it, they perform better and achieve higher collections rates. Incentive programs must be smartly designed and comprise of a mix of KPI’s in order to actually increase collections results.

This post offers tips on how collections managers can structure incentive programs so that collectors work harder and smarter to improve results. 

 

The Importance of Incentive Schemes

Personnel costs are the greatest expense for a collections department. That’s why incentives are so important: they encourage collector improvement in areas like compliance, communication and technology usage with real-world rewards. Done right, they attract and retain top talent, which gives your department a serious competitive advantage. A department that cares for its personnel and takes the time to motivate them will be happy with results.  

But, to achieve this result, you need to structure your incentive program with certain best practices in mind.

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Tags: Collection and Recovery Operations

Put an End To Late Payments: The Secret to Boosting Collections Results

Posted by Marios Siappas on Tue, Jun 13, 2017 @ 11:00 AM

Nearly a quarter of small and medium businesses in the UK could face insolvency because of one thing, reports The Telegraph. They’re not getting paid. Late payments and overdue invoices are piling up for these businesses. A full 22% of these obligations are owed by large companies.

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Tags: Collection and Recovery Operations

8 Ways to Measure the Collections Results that Matter

Posted by Raul Gaitas on Mon, Apr 17, 2017 @ 10:00 AM

Businesses involved with debt collections need to measure and report specific collections goals. That seems obvious, but many companies still don’t follow collections best practices when it comes to forming goals and measuring success. 

When you set clear goals and measure the right metrics, it’s easier to identify and solve challenges, improve processes over time and maximize efficiencies.

There are eight steps you can take to better measur

e your collections performance. Implementing them will help you improve your collections department’s success rates, and as a result, your company’s bottom-line.

1. Determine Your Goals Before You Measure 

Every organization should have an in-depth understanding of their goals and what they’re measuring.

To do that, you must define what success means to your organization. Be aware: it can mean something different for every company. Some might set revenue goals. Others might want to improve operational outcomes by a certain percentage. And some may want to simply hit project completion goals like implementing risk scoring technology or installing a document management system.

Consider some of the following examples of collections goals:

    • Improve kept promise ratios by 10%.
    • Improve self-cure rates by 5%.
    • Grow collections revenue by $10,000 per quarter.
    • Collect 4% more per account or portfolio.
    • Collect 4% more per collector employed.
    • Improve collector productivity by 5%.
    • Reduce time it takes from initial delinquency to settlement.
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Tags: Collection and Recovery Operations

The Top 3 Obstacles to Effective Personnel Management

Posted by Chris Maranis on Tue, Mar 14, 2017 @ 08:30 AM

Personnel are your collections department’s biggest expense and biggest opportunity to improve performance. The difference between losing money on staff and having staff produce more than you thought possible is effective management.

When you effectively manage collectors, you increase productivity, accuracy and performance. Well-managed collectors positively impact the bottom line and customer satisfaction rates. But there are three major management challenges anyone who runs a collections team faces. 

Keep reading to discover what they are and how to avoid them.

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Tags: Collection and Recovery Operations

How to Create an Effective Collections Personnel Capacity Plan

Posted by Marios Siappas on Thu, Feb 23, 2017 @ 09:00 AM

Capacity planning is commonly used in business computing and information technology. Simply put, it’s a process that helps determine what resources a business will need to satisfy the changing demands for its products. In a collections department, personnel capacity planning helps your organization understand how many employees you need to manage a certain number of accounts, including accounts today and those projected for the future.

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Tags: Collection and Recovery Operations

The Best Metrics Collectors Use to Boost Performance

Posted by Raul Gaitas on Thu, Feb 09, 2017 @ 09:00 AM

Traditional collections operations used tactics like cold calling that made measurement difficult. Now, in modern debt collections, metrics have expanded and evolved into collector productivity, collections and recovery performance, and capacity planning. Your department should gather data on all segments and report on specific metrics to improve collections performance. 

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Tags: Collection and Recovery Operations

4 Needs for Next-Generation Debt Collection Solutions

Posted by Chris Maranis on Tue, Jan 31, 2017 @ 02:05 PM

The right offer delivered to the right customer at exactly the right time. It is more important than you could ever imagine. Customers use multiple channels to communicate and resolve debt obligations. They also may have multiple debt obligations with a bank or company.

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Tags: Collection and Recovery Software, Collection and Recovery Operations

3 Critical Ingredients to Better Debt Collections Performance

Posted by Nikos Lambrou on Tue, Jan 17, 2017 @ 11:00 AM

The collections and recovery industry is one of today’s most vital and fast-paced business segments. Unfortunately, many collections businesses still employ traditional practices like cold calling, while attempting to compete in an increasingly complex world. 

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Tags: Collection and Recovery Operations

Why You Must Improve Your Collections Reputation

Posted by Marios Siappas on Tue, Dec 06, 2016 @ 11:00 AM



Billionaire Warren Buffett once said, “It takes 20 years to build a reputation and five minutes to ruin it. If you think about that, you’ll do things differently.” 

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Tags: Collection and Recovery Operations

How Collectors Can Get Better at Customer Service

Posted by Theodore Kavalieros on Thu, Nov 10, 2016 @ 11:00 AM

Customer service doesn’t get the attention it should in collections circles. After all, “customers” in this case are usually debtors who owe the organization money from one or more obligations. Why would we focus on anything other than collecting as much as possible, as quickly as possible?

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Tags: Collection and Recovery Operations